The Federal High Court in Lagos, on Monday, granted Jude Okoye, the former manager of the now-defunct music group P-Square, bail in the amount of N100 million.
Justice Alexander Owoeye approved the bail, stipulating two sureties, each with a similar amount in value. The court also placed a travel restriction on Okoye, prohibiting him from leaving the country.
One of the sureties, the judge ruled, must be the owner of a landed property, among other requirements.
Okoye, the elder sibling of Peter and Paul Okoye of P-Square, was arraigned last Wednesday by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering. The charges involve ₦1.38 billion, $1 million, and £34,537.59.
The EFCC also charged Okoye and his company, Northside Music Limited, with acquiring a property in 2022 at 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos. The property, worth ₦850 million, was allegedly purchased using funds that Okoye knew, or should have known, were proceeds of criminal activities.
